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Airbus says net profit soared in 2014

PARIS (AP) Airbus says its net profit soared 59 percent last year as a record-high number of jet deliveries helped offset a 551 million euros end-of-year charge against its delayed A400M military transporter program.

The European jet maker said Friday it made a 2.34-billion-euros ($2.62 billion) net profit in 2014, up from 1.47 billion euros in 2013.

Boeing's chief rival in the $200 billion commercial aircraft market said it will ramp up production of its in-demand single-aisle A320 series of jets to 50 a month from 2017, from a planned 46 per month in 2016.

At the same time Airbus will cut production of its wide-body A330 series to six a month from early next year, from the current rate of 10 a month.

Demand for the A330 is slowing as Airbus starts taking orders for a new-engine version of the plane that it says it will begin delivering at the end of 2017.

Toulouse, France-based Airbus delivered 629 commercial aircraft last year, three more than in 2013 but well below the 723 jets Boeing delivered in 2014.

Chicago-based Boeing and European rival Airbus have prospered as airlines around the world have gone on a shopping spree, helped by rising demand for travel and cheap financing. Boeing won 1,432 net orders last year giving it an eight-year backlog for nearly 5,800 planes valued at $440 billion.

Airbus took orders for 1,456 new jets last year net of cancellations, and as of January had a backlog of 6,355 jets.

Last month Airbus dismissed the head of its military program after governments including Germany, France and Turkey complained about delays in the A400M, a 20-billion-euro program for a turboprop troop transporter meant to replace aging Transall C-160s and the C-130 Hercules.